MOSCOW (Sputnik) — Polling stations opened at 7 a.m. (23:00GMT Thursday) and will close at 10 p.m., the state news agency Montsame said.
The first round yielded no definitive winner after no candidate succeeded in securing over 50 percent of votes.
Center-right Democratic Party contender Battulga Khaltmaa led with 38 percent of votes, trailed by parliamentary speaker Miyegombyn Enkhbold of the center-left Mongolian People's Party.
This is the seventh presidential election in the former Soviet state in Central Asia bordered by Russia and China. Sitting President Tsakhiagiin Elbegdorj is not eligible after two stints in office.